Getting a Student Loan in the Philippines Becomes Simple
When we are kids, we dream big. Growing up, we understand that most acts and things require financial support. Especially, when it comes to higher education. Fortunately, even low-income families can make it possible to send the child to college thank to the personal student loan. Most people agree that higher education is a good investment in the future, as the earnings of an educated specialist is higher. There is a number of programs, which financially support talented students, who have a thirst for knowledge.
Where to Take a Personal Student Loan?
When you hear “Student loan”, what is your first association? Where you will first go for money, when you need it for education? The answer is, probably, a bank. And you will be correct. There is a number of banks, where you can apply for a student loan. The best choice is the bank, whose service you use. If you are a client of a certain bank, you have a credit card there, you have bigger chances to be approved for a personal loan. If you are still not a client of any bank, we will name some of them.
- Development Bank of the Philippines. Government of the Philippines HELPS students. What do we mean? There is a special student loan facility, Higher Education Loan Program for Students (HELPS). It was created by the Development Bank of the Philippines (DBP), which is owned by the state. They have allocated money to colleges and universities, so that they can credit students. In order to apply for this personal student loan, contact your educational establishment, as institutions themselves select the students for this program and cover their education with this credit.
- Philippine National bank provides a wide variety of student loans for the payment of all kinds of education. This bank appreciates client’s punctuality. Delays in repayments are fraught with fines and sanctions. This bank is suitable for foreign students, as they can apply for a credi on the same terms as locals.
- Bank of the Philippine Islands. There is a number of advantages and disadvantages of cooperating with this bank. It is a good choice for student, if they want to get a student loan for buying housing or car. Another good quality is the high speed of submission and receiving money. Although, the conditions of repayment of the credit earlier are unfavorable.
Before You Apply for a Student Loan in the Philippines
First of all, consider applying for all possible scholarship programs. They are always better than borrowing money and returning it later. If you have tried all possible ways, but you are still lack of funds for studies, turn to the bank for a student loan.
Remember, that government sponsored programs have a bigger competition and thus less chances for you to receive money. Therefore, they select eligible students. Your previous academic performance and success in studies will influence the decision.
Explore the choices you have. Depending on your situation, make a list of your choices from most suitable to the least and start applying from the top.
Don’t give up if you get rejected in the first, second, third place. If you are sure about your will to study, you will find a way.
- For Undergraduate Students
- For Graduate Students
- For Parents or Guarantors
When It Comes to Applying for a Private Student Loan
After you have chosen the student loan you want to get, explore the program. What do you need to pay attention to?
- Read carefully application form and make sure you understand it and know all the answers.
- See the list of required documents.
- Prepare all the documents even if you think they are not appropriate.
- If you have doubts and questions, contact bank’s representatives to clear out all the details.
- Fill in the application form and attach all the documents (online or in person).
- Wait for the results.
From bank to bank, from program to program, terms and conditions of student loans may vary. That is why, you need to study them carefully or ask a professional for a consultation.
What if you have a bad credit history and you need a student loan?
Applying for a Student Loan With Bad Credit
You might think that bad credit score can ruin the dream of getting higher education. But you will be only partly right. For sure, bad credit history won’t help, but it is still worth trying. The bank might ask you to pay risk premium, i.e. slightly higher interest rates. Besides, you might use collateral of higher value.
There is one more way out of this situation. If you find a co-signer or a guarantor for your student loan, you are very likely to be approved. This form of guarantee is used because students, who apply for this personal loan usually don’t have necessary financial stability to be approved for a crdit. So, both a student and a co-signer sign the contract and share equal responsibility.
Maybe your parents or close relatives, friends with sufficient income want to help your dreams come true.
Check out other types of personal loans to make sure that student loan is what you need.